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A salesman earns P2,500 on the 1st month, P2,800 on the 2nd month, P3,100 on the 3rd month and so on. Find the accumulated amount of his income 15th month if money worth 18% compounded monthly.

A salesman earns P2,500 on the 1st month, P2,800 on the 2nd month, P3,100 on the 3rd month and so on. Find the accumulated amount of his income 15th month if money worth 18% compounded monthly.

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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10. A salesman earns P2,500 on the 1st month, P2,800 on the 2nd month, P3,100 on the 3rd month and so on. Find the accumulated amount of his income at the 15th month if money worth 18% compounded monthly. What is the final annuity? (2 decimal places, rounded off) What is the final gradient sum amount? (2 decimal places, rounded off) What is the final accumulated earning of the salesman? (use the answer in the previous question to solve, final answer must be 2 decimal places, rounded off)
Transcribed Image Text:10. A salesman earns P2,500 on the 1st month, P2,800 on the 2nd month, P3,100 on the 3rd month and so on. Find the accumulated amount of his income at the 15th month if money worth 18% compounded monthly. What is the final annuity? (2 decimal places, rounded off) What is the final gradient sum amount? (2 decimal places, rounded off) What is the final accumulated earning of the salesman? (use the answer in the previous question to solve, final answer must be 2 decimal places, rounded off)
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